HELP You plan to borrow $625 for 2 years at 10% simple interest. How much interest will you pay on the loan? A. $6.25 B. $12.50 C. $62.50 D. $125.00

asked Aug 24, 2018 126k views

3 votes

HELP

You plan to borrow $625 for 2 years at 10% simple interest.
How much interest will you pay on the loan?
A. $6.25
B. $12.50
C. $62.50
D. $125.00

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3 votes

Simple interest is:

I=Prt, I=interest, P=principal, r=rate, t=time

I=625(0.1)2

I=$125.00

8.4k points

1 vote

625 x 2 x 0.1 = $125

answer is D. $125.00

Dbokers answered Aug 29, 2018

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